Global oil demand has been on the rise after the COVID-19 pandemic. Moreover, the Russia-Ukraine conflict caused major alterations in energy supply routes, which went in favour of the US shale drillers, including those in the Permian Basin. Spanning Texas and New Mexico, Permian Basin remains the largest oil-producing shale play in the US. Strong global demand and geopolitical shifts continue to support growth and competitiveness of this critical energy region, says data and analytics...
Industry News
Triangle Energy strikes a chord with Canberra for CCS project to go ahead in the Perth Basin
Triangle Energy has been given the green light to develop a carbon sequestration (CCS) project at the company’s WA 31-L icence area in the Perth Basin.
The company announced that the joint venture’s application for a greenhouse gas storage formation over the WA 31-L licence area had been approved by the Commonwealth Minister for Resources, Madeleine King.
The approval has triggered the sale of Triangle’s 78.75% interest in the Cliff Head project to Pilot Energy, but. until...
The Australian Government ‘might not be done’ with market intervention
Australia appears to be caught between a rock and a hard place facing an ever-encroaching gas cum energy crisis. Rick Wilkinson, CEO of EnergyQuest, and a man well oiled with a wealth of data deliverables, says the Lucky Country has four options, none of which are easy, to keep the wolves off the door.
In the EnergyQuest Monthly Report for May, Wilkinson said it was well known that the east coast domestic gas market is heading towards annual supply shortfalls in 2028, with peak supply...
Permits in place puts PGS in position to start large 4D data acquisition project for Petrobras
The Brazilian Institute of Environment and Renewable Natural Resources (IBAMA) has issued the final permit for PGS to conduct a large 4D survey over the Barracuda Caratinga fields offshore Brazil.
PGS announced the 4D contract award in December 2022 and the original project start-up was scheduled for June/July last year. To optimize vessel resources during the 2023 summer season, the Ramform Victory was reactivated and earmarked for this project. While permitting was pending she...
Wartsila launches world’s first large scale hydrogen ready power plant
Technology group Wärtsilä has launched the world’s first large-scale, 100% hydrogen-ready engine power plant, to enable the "net-zero" power systems of tomorrow.
In a media release Wartsilis said the IEA World Energy Outlook 2023 had shown shown that hydrogen "is an essential component of our future power systems". According to the report, the pathway to reach net zero emissions by 2050 would require 17 Mt of hydrogen to be consumed by power generation in 2030, reaching 51 Mt by...
Midnight hour to gas famine ticks one year closer and is now set to strike in 2027 as ACCC calls for ‘urgent action’
A report from the Australian Competition and Consumer Commission (ACCC) has intensified warnings of looming gas shortfalls and urged governments at all levels to “focus on removing unnecessary impediments to developing new gas resources”.
Australian Energy Producers Chief Executive Samantha McCulloch reacted to the latest edition of the Gas Inquiry report and warned that governments must act urgently to fast-track new gas supply projects, with shortfalls forecast to hit in 2027, a...
Beach delivers on Victoria’s first gas production licence granted in 10-years
Despite Victoria’s s reputation as the “basket case” of gas supply conundrums in Australia, Beach Energy has driven first gas from the Enterprise gas field to the Otway Gas plant over the line to deliver on the company's commitment to the State’s first production licence granted in 10-years.
A successful connection of the Enterprise gas field to the Otway Gas Plant was completed on 12 June after Beach had signed a Gas Sales Agreement (GSA) to supply Origin Energy with gas from...
Oil and gas industry embraces Queensland Exploration Acreage Awards rollout
Australia’s oil and gas industry has welcomed the Queensland Government’s “continued recognition of energy security at a time of heightened gas demand” keeping Australian households warm and businesses running.
This comes after the Sunshine State had wrapped up six new exploration tenders for petroleum and gas across the Bowen and Surat basins, which AEP QLD Director Keld Knudsen said had come at an important time following the Australian Energy Market Operator’s warning of...